Thursday saw the Japanese yen lose at least 1.8 percent of its value against all 16 of its top rivals after the new guard of the Bank of Japan opted to double monetary stimulus programs, Bloomberg reports.
The currency of the Pacific Rim nation endured its biggest losses in 17 months against the U.S. dollar after Governor Haruhiko Kuroda with the central bank and his peers said bond purchases will double in size in the nation hosting the globe's third-largest economy. The financial institution also said it will aim to notch the 2 percent annual inflation goal in 24 months.
"The BOJ certainly met and beat market's expectations," chief currency strategist Robert Rennie with Westpac Banking Corp. in Sydney told the news source on Thursday. "Reaching the inflation target in two years would be an objective that will be difficult to achieve but I think what we have seen from the BOJ nonetheless looks impressive."
The Japanese yen endured losses as high as 2.5 percent against the world's reserve currency, representing the sharpest dive since late October 2011.
The currency's slip against the common currency of the European Union was higher than 2 percent, Reuters reports.
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